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REVENUE RECOGNITION (Tables)
 9 Months Ended
Jun. 28, 2019
Revenue from Contract with Customer [Abstract]  
Schedule of Net Sales from Contracts with Customers by Market Sector
The table below shows net sales from contracts with customers by market sector. See additional information regarding market sectors in Note 10—Market Sectors and Major Customers.
 
 
Three Months Ended
 
Nine Months Ended
 
 
June 28, 2019
 
June 28, 2019
 
 
Point in Time
 
Over Time
 
Net Sales
 
Point in Time
 
Over Time
 
Net Sales
(in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
Aerospace & Defense
 
$
11,300

 
$
13,298

 
$
24,598

 
$
30,950

 
$
35,755

 
$
66,705

Medical
 
5,127

 
3,744

 
8,871

 
12,441

 
12,432

 
24,873

Industrial
 
4,657

 
2,198

 
6,855

 
14,063

 
7,418

 
21,481

 
 
$
21,084

 
$
19,240

 
$
40,324

 
$
57,454

 
$
55,605

 
$
113,059
Schedule of Impact of Topic 606 Adoption on Consolidated Financial Statements
The following table presents the impacted financial statement line items in the condensed consolidated balance sheet as of October 1, 2018: 
 
 
 Balances Without Adoption of ASC 606
 
 Effect of Change
 
Adjusted
(in thousands)
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
Unbilled contract revenue
 
$
—

 
$
4,333

 
$
4,333

Inventories
 
34,126

 
(3,768
)
 
30,358

Deferred income taxes
 
8,855

 
(124
)
 
8,731

 
 
 
 
 
 
 
Stockholders’ Equity:
 
 
 
 
 
 
Accumulated deficit
 
(20,463
)
 
441

 
(20,022
)

The following table presents the impacted financial statement line items in the condensed consolidated balance sheet as of June 28, 2019: 
 
 
 Balances Without Adoption of ASC 606
 
 Effect of Change
 
 As Reported
(in thousands)
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
Unbilled contract revenue
 
$
—

 
$
7,305

 
$
7,305

Inventories
 
51,086

 
(6,197
)
 
44,889

Deferred income taxes
 
8,242

 
(243
)
 
7,999

 
 
 
 
 
 
 
Stockholders’ Equity:
 
 
 
 
 
 
Accumulated deficit
 
(17,934
)
 
865

 
(17,069
)
 
The following table presents the impacted financial statement line items under ASC 605 "Revenue Recognition" and ASC 606 in the condensed consolidated statements of operations for the three and nine months ended June 28, 2019: 
 
 
Three Months Ended
 
Nine Months Ended
 
 
June 28, 2019
 
June 28, 2019
 
 
 Balances
Without
Adoption of
ASC 606
 
 Effect
of
Change
 
 As Reported
 
 Balances
Without
Adoption of
ASC 606
 
 Effect
of
Change
 
 As Reported
 
 
 
 
 
 
 
 
 
 
 
 
 
Net sales
 
$
39,062

 
$
1,262

 
$
40,324

 
$
110,087

 
$
2,972

 
$
113,059

Cost of sales
 
33,604

 
1,115

 
34,719

 
95,379

 
2,429

 
97,808

Gross profit
 
5,458

 
147

 
5,605

 
14,708

 
543

 
15,251

Income tax expense
 
189

 
32

 
221

 
617

 
119

 
736

Net income
 
1,096

 
115

 
1,211

 
2,529

 
424

 
2,953


For each of the three and nine months ended June 28, 2019 and June 29, 2018, less than 1% of net sales were shipped to locations outside the United States.